How Secure Is India on Crude Oil, LPG Stock? Indian Oil Chairman Reveals | Exclusive

Amid global disruptions in the supply of oil and gas caused due to the war in the Middle East and closure of the Strait of Hormuz by Iran, Indian Oil Corporation Limited (IOCL) chairman Arvinder Singh Sahney told Times Now that they are able to manage the availability of crude oil 'pretty well'. Sahney said that they have explored diversified sources from all over the world and are very well covered in crude oil moving forward. On the availability of the Liquified Petroleum Gas (LPG), he said that they are encouraging people to move from LPG to LNG adding it's a cleaner and cheaper fluid.According to Sahney, "LPG is concentrated at two particular locations. US and Gulf. As Gulf is getting constrained, we had troubles initially. That's why we had restricted

the supply of commercial LPGs to 20 per cent only. We have slowly increased this allocation and now in Tamil Nadu we are opening it up to 70 per cent. Going further, we'll try to get more nearer to normalcy. For domestic LPGs, we are able to meet the requirements of maximum number of people all across the country.""We are trying to diversify our LPG procurement. We have increased our domestic production to a large extent because of this situation (Middle East conflict), and witnessed a 40 per cent increase. We have found different sources and diversified sourcing policies and geographies," India Oil Corporation chairman said.

https://www.youtube.com/watch?v=wBrZftSE9Es

No Need To Panic, Says Sahney

Further addressing the matter, the Indian Oil Chairman said that 70 per cent of the commercial cylinder allocation is a decent place to be right now. "We are putting in more effort to improve."Speaking about the evolving situation in the West Asia, he said, "This is the worst that I can think of as far as the crisis is concerned. If we have managed to go through this in a very decent manner for the last 40 days, I think we can prolong further too. The trick is diversifying the sources. We have cracked it."On the issue of hoarding and black marketing of fuel and LPG cylinders, he said that strict action will be taken against those who are selling LPG in black market. "When it comes to the question of welfare of the people, we won't shy away from taking actions."

https://www.youtube.com/watch?v=7kIJYaweRFE

Earlier today, while speaking on petrol, diesel stock, Sahney said, "The petrol, diesel, aviation fuel, these are having no problem at all because our refineries are working almost 100% and more than 100%."On Thursday, the Centre said it has intensified monitoring of LPG supply across the country, conducting over 1.16 lakh raids so far and suspending around 53 LPG distributors for violations, even as it maintained that there is no shortage of domestic LPG.Speaking during the daily Inter-Ministerial Briefing on developments in West Asia, Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas, said strict enforcement measures are being undertaken to ensure smooth distribution and prevent irregularities in the system.With inputs from ANI